Who is right? Both are.
The graph correctly shows that as the number of images increases, each additional image has less and less effect. On the other hand, for each doubling of the number of images, SNR increases by square root of 2. There is no contradiction between the two.
I generally shoot hundreds of subs. But they are short subs, 30seconds each. 400 subs is visibly better than 200 subs which is visibly better than 100 subs which is visibly better than 50 subs.
The only practical limit is how many hours of data you are prepared to devote to a final image.
Mark